August Benefits News and Posts

Employee Benefits Trends for 2024: What Does the Future of Employee Benefits Look Like?

Here are some trends that you need to know about moving forward. Because keeping key employees is paramount to achieving your goals in revenue and profitability. Take a look at these and see if anything fits your situation.

FROM PAYCHEX / BY LISA REYES

The new year is an ideal time to evaluate how your business retains and engages employees. Employee benefits trends may help shed light on workers' needs and how you can drive benefits enrollment decisions to meet those needs. When considering what is trending in employee benefits, many workplaces are still adjusting to a post-pandemic landscape, and employees’ priorities continue to reflect an increased commitment to mental and physical health, flexibility, and work/life balance.

However, employers should take a strategic approach to offering benefits. They must consider attracting and retaining top workers by keeping pace with employee benefit trends. Enhancing benefits offerings, increasing pay, and offering flex scheduling are all potential components of keeping great employees, as noted in the 2023 Paychex Pulse of HR Survey. At the same time, economic uncertainty, rising costs, and inflation will require employers to invest their benefit dollars strategically and understand which offerings employees genuinely want and need.

8 Top Trends in Employee Benefits for 2024

As we move into the new year, employers should familiarize themselves with employee benefits industry trends to guide their decision-making. Reviewing the emerging trends in employee benefits and responding with meaningful action can go a long way to keeping your employees happier, healthier, more productive, and loyal to your business.

Improving Healthcare Affordability
Total Health and Well-Being
Support for Onsite, Hybrid, and Flex Work Environments
Upskilling, Reskilling, and Professional Development
Personalized Benefits
Family-Friendly Benefits
Retirement, Debt Payoff, and Financial Security Benefits
Diversity, Equity, and Inclusion

1. Improving Healthcare Affordability

A healthy workforce is the foundation of productivity, creativity, and a positive work culture. Yet the rising cost of healthcare, along with finding time to get treatment during a demanding work schedule, can be an obstacle for employees to seek the care they need. The problem is that care deferred to a later date can mean increased claims down the road. And it's not just about treating a condition. Access to preventative care is equally important. Employers who actively make health care more affordable and accessible are sending the message that they care about their employees as people.

There are several strategies that employers can use to improve healthcare affordability. In addition to a robust healthcare plan, providing employee health benefit accounts can maximize opportunities for employees to save on their healthcare expenses. Health benefit accounts also offer cost savings to you by helping you reduce your tax bill and controlling healthcare costs today and into the future.

2. Total Health and Well-Being

These days, employee benefits geared toward health and well-being go well beyond a health insurance plan. Consider that as many as 2 in 5 employees are experiencing some combination of mental health concerns, performance issues, and stress. Findings from the Centers for Disease Control (CDC) link depression to an increased risk for many physical health problems, especially chronic conditions like diabetes, heart disease, and stroke. The CDC also points out that the presence of such conditions can increase the risk of mental illness. It becomes an escalating feedback loop with dire consequences for those caught in it.

The interconnectedness between physical health, mental well-being, and even financial wellness provides an opportunity for employers to offer total health benefits that foster an emotionally, socially, and financially fit workforce. It also makes sense from a hiring and recruiting perspective since 60% of employees recently surveyed by Paychex said that mental health benefits will factor into selecting their next job. This may be particularly true among Generation Z workers, who cited mental health benefits as the top benefit (other than higher pay) that would make them stay at a company long-term, according to a 2022 Paychex survey.

One of the current trends in employee benefits is providing health insurance plans paired with services that encourage healthful behaviors such as good sleep hygiene, regular physical movement, smoking cessation, and addiction treatments. These benefits can go a long way in helping improve an employee's mental health and empowering them to live a happier, more fulfilling life.

Consider also offering support resources such as employee assistance programs (EAPs), comprehensive biometrics and lifestyle education programs, online resources, behavioral health education programs, and suicide awareness training for managers.

3. Support for Onsite, Hybrid, and Flex Work Environments

While the pandemic shifted many employees to remote work, many employees have now returned to the office either partially or fully. The degree to which you support workers' full-time return to the office, hybrid setup, or flex schedule may play an important role in your ability to retain employees. For example, consistently enforcing policies for both onsite and offsite employees can help your workforce get on board with these policies. Offering flexible work schedules, job sharing, or abbreviated work hours to onsite employees can also be an attractive benefit.

You may also want to think about ways to improve employees' physical in-office spaces. The work environment can play an important role in employee well-being and, consequently, overall performance and happiness. A comfortable physical work environment, designated areas for collaborative work, and access to a quiet workspace are just a few ways to help employees remain focused and engaged when they return to the office.

4. Upskilling, Reskilling, and Professional Development

Business leaders increasingly understand the importance employees place on their professional development and ability to grow within an organization. This may be especially true for Gen Z, the only generational group growing within the small business employment sector, which is often looking for ways to take their skills to the next level, according to a 2023 special report from Paychex.

To better meet the needs and expectations of all your employees and remain competitive, reskilling your employees for a new role or upskilling your employees to help them perform better can be especially meaningful. This could include offering learning and development opportunities, job rotations, job expansions, and peer coaching. Employees who feel that their company is interested in their personal growth and development may feel more inclined to stay. Having a clear vision for their professional development can also facilitate a deeper purpose when it comes to working and staying committed to their job.

5. Personalized Benefits

Depending on your workforce, a one-size-fits-all benefits package may not yield the value for your employees that you are hoping to provide. As employees place higher priority on benefits (aside from pay), they will gravitate to those employers who are actively seeking ways to meet their needs. Personalized benefits are one way to give your employees a choice in constructing a customized benefits package. When employees can pick and customize benefits according to their needs, it may encourage participation in benefits plans and offer a better return on their benefits investment.

An excellent place to start in this area is first understanding what types of benefits employees seek in the company's offerings. You may want to use employee surveys and a currentbenefits auditto help shed light on this area. Gathering feedback, making data-driven decisions, and implementing asolid communications plancan all help convey benefits' value to employees and provide insight into how programs can be used.

What do personalized benefits look like? They could be an array of voluntary benefits, which are goods or services that are either fully or partially paid for by the employee but at a group discounted rate made available by the employer. Examples typically include ancillary benefits outside traditional benefits, such as ID theft protection, financial counseling, healthy lifestyle programs, public transportation passes, and supplemental insurance packages such as life, cancer, and pet coverage. Employers then may provide a monthly or annual expense allowance that employees use to offset their costs for these voluntary benefits. You can even set up a reimbursement plan to help with medical expenses, remote work costs, or other perks that support your employees.

6. Family-Friendly Benefits

Between daycare, healthcare, and enrichment programs, raising a child or caring for an elderly dependent represents a substantial financial burden. Add to this the reality that many parents are working full-time, resulting in employees who are burned out, stressed out, and exhausted. Employers are recognizing that expanding family-friendly benefits beyond what is required by federal law is a significant trend that helps safeguard their employees' physical and mental health.

Employers can extend family-friendly benefits through paid parental leave, paid adoption leave, and surrogacy benefits. A dependent care flexible spending account (DCFSA) can help ease the burden of daycare or other ancillary care costs. Specialized benefits that support women's reproductive health, which can range from family planning and high-risk pregnancies to infertility treatment and menopause, are also gaining traction in the employee benefits space.

7. Retirement, Debt Payoff, and Financial Security Benefits

Employee benefits trends that help workers address monetary concerns will continue to be popular in 2024. Financial security, or a lack thereof, certainly contributed to the anxiety many Americans experienced during the pandemic. Since then, inflation rates and ongoing uncertainty around a recession have continued to burden those struggling financially. As a result, prioritizing financial goals to improve financial wellness continues to receive much-needed attention from workers and their employers.

Retirement plans with a company match, student loan and debt repayment programs, and financial wellness resources that can help employees work toward financial security may be attractive for employees, regardless of age or financial situation.

8. Diversity, Equity, and Inclusion (DEI)

While perhaps not a direct benefit in the traditional sense, today's diverse workforce may naturally gravitate to those organizations that are taking thoughtful actions toward creating an inclusive and equitable work environment. A company that prioritizes DEI initiatives, looks to foster a work environment that feels safe for sharing ideas and expressing creativity, along with a more significant opportunity to gain access to training, mentorship, and upward career growth.

Employers who fail to recognize DEI as one of the trends in employee benefits may risk losing talented new hires who could bring valuable and much-needed alternative perspectives and ideas to the business. The 2023 Paychex Pulse of HR Survey found this true for employees across generations. HR leaders surveyed said they are responding in the following ways:

To attract Gen Z, companies with 100 to 499 employees say they focus on communicating their commitment to diversity.
To attract Millennials, businesses with 100 to 499 employees say they focus on communicating pay equity, while those with 500 or more employees say they focus on speaking about their inclusion efforts.
To attract Gen X, companies with 500 or more employees say they focus on communicating about their inclusion efforts, pay equity, and pay increases.

There are tangible steps you can take within your business to demonstrate your commitment to DEI practices. These might include vetting your recruitment and hiring strategies, providing DEI training classes for management, and providing holidays, benefits, and acknowledgments that support different sexual orientations, religious and cultural backgrounds, and marginalized communities.

Offer Your Employees the Benefits They Want in 2024

As employers look for ways to engage and retain employees, a solid and strategic benefits package can be crucial to your business's success and help set you apart from the competition. Paychex can help you stay on top of new benefit trends, put together an ideal package, and provide ongoing, easy-to-use support that benefits you, your employees, and your business.

Todd BellistriJuly 9, 2024August Benefits

Why not start off this selling season leading into the holidays on the right foot? One way to do that is to finally give some thinking to smart marketing. We don’t need to be the ones to tell you it’s very competitive out there (but we will), what with tons of start ups and side hustles all over the landscape. By developing a legit marketing program you are giving yourself a true foot up on the competition. So read on, you’ll see that its not as daunting as you think and the upside is well worth it.

FROM FORBES / BY DOMINIQUE HARROCH

In today's digital landscape the right approach to small business marketing combines advanced technology, data-driven insights, and effective digital platforms. Here’s a comprehensive guide to small business marketing to companies navigate the current marketing trends and tools that can drive business success.

Key marketing tools for small businesses

Following is a summary of 11 key marketing tools that small and growing businesses should consider when leveraging owned, earned and paid media:

1. An optimized small business website

A high-performing website is crucial for marketing today. An optimized site increases your page rank on Google and other search engines, and in today's world, fewer than 1% of searches go to the second page of a search. Key elements of an effective small business site include:

Memorable domain name: Choose a name that reflects your business and is easy to recall.
User-friendly design: Ensure your site is visually appealing and intuitive. Sites should have a clear structure, intuitive navigation and information that is easy to access.
Search engine optimization (SEO): Implement SEO best practices to rank higher in search engine results.
Mobile optimization: Since over 55% of global web traffic comes from mobile devices, you’ll want to ensure your site is mobile-friendly.
Valuable content: Regularly update your site with engaging content like blogs and articles that address your audience's interests and needs.
Fast loading times: Optimize page speeds to improve user experience and SEO rankings.
Secure hosting: Use reputable hosting services to protect your site’s data and performance.

Additionally, integrating tools like Google Analytics (now called GA4) and Google Search Console (GSC) can provide valuable insights into your site's performance and user behavior.

2. Paid search engine marketing (SEM)

Paid search engine marketing, in which you pay if a keyword is clicked on that drives traffic to your website, remains a powerful tool for driving targeted traffic. Platforms like Google Ads and Bing Ads allow you to:

Bid on keywords: Use tools like Google keyword planner to select high-value keywords relevant to your business.
Control costs: Set daily and monthly budgets, and adjust bids based on performance.
Analyze performance: Track key metrics to assess and refine your campaigns.

3. Paid listings and display ads

Paid listings on platforms like Yelp, Facebook, and Pinterest can boost visibility. Use Google’s Display Network to target ads based on user interests and behavior. This approach allows you to:

Choose ad formats: Use banners, text ads, or video ads to capture attention.
Track return on investment (ROI): Monitor clicks and conversions to measure effectiveness. Track your costs, record and monitor revenue, and record all expenses. Make sure to measure lead generation numbers, customer acquisition, and sales metrics as valuable insights into your marketing effectiveness.
Testing: By experimenting with different ad copy, targeting options, and formats, businesses can identify what resonates most with their audience, refine their strategies, and ultimately improve click-through rates and conversions. This can include A/B testing, target audience variations, ad copy variations, call-to-action (CTA) testing or visual elements where you test different images or videos to determine which visual elements attract more attention and engagement.

4. Content marketing

Content marketing remains a cornerstone of effective digital strategies. Key tactics include:

Blogging: Regularly post optimized content to drive organic traffic. Nine out of ten marketers use blogs as part of their content strategy.
Guest posting: Publish articles on popular platforms such as Medium and AllBusiness.com to enhance your reach and SEO. Strive to create “evergreen” articles, which are designed to remain relevant and valuable over a long period of time, regardless of current events or trends. Unlike timely articles that focus on current news or trends, evergreen content addresses topics that have enduring interest and utility.
Video content: In 2023, individuals spent an average of 17 hours a week watching videos online. Utilize platforms like YouTube and TikTok to engage your audience.
Content platforms: Leverage content recommendation platforms like Outbrain to expand your content’s reach.

5. Social media marketing

Social media is a powerful tool for engaging with your audience. Focus on platforms such as:

Facebook: Effective for broad audience reach and targeted ads.
Instagram: Ideal for visual content and influencer partnerships.
LinkedIn: Best for B2B marketing and professional networking.
TikTok: Useful for viral video content and younger demographics.

With over 5 billion global social media users and growing, effective social media marketing can significantly enhance your brand’s visibility and engagement. To be effective, you must regularly post interesting content to obtain and keep followers.

6. Influencer marketing

Influencer marketing involves collaborating with individuals who have a significant and engaged following on social media platforms like Facebook, TikTok and Instagram to promote products or services. These influencers, who can range from celebrities to niche content creators, leverage their credibility and relationship with their audience to drive brand awareness and influence purchasing decisions.

The impact of influencer marketing on broader marketing efforts can be profound, as it allows brands to tap into authentic, targeted communities that are often more receptive to recommendations from trusted (or at least known) voices.

This form of marketing can enhance brand credibility, expand reach, and generate higher engagement rates compared to traditional advertising. As consumers increasingly seek personalized and relatable content, influencer marketing has become a powerful tool for connecting with audiences in a meaningful way.

7. Online business directories

It’s important for business owners to list their companies in prominent and reputable business directories. Often these listings are free, but even if you must pay a small fee, it can be worth it.

The benefits include

Exposure to potential clients and customers.
Boosted SEO through backlinks.
Improved online presence and brand awareness.
Increased credibility for your business.
Low-cost or free marketing.

The following is a list of top business directories to consider listing your business:

AllBusiness.com
Better Business Bureau
Facebook Page
Google Business Profile
LinkedIn
Superpages
Bing Places for Business

8. Radio marketing

While less prominent today, radio can still be effective. Many people are in their cars during peak commute hours. To maximize radio advertising:

Targeted placement: Choose stations and time slots that align with your target audience.
Engaging content: Create memorable and concise ads.
Consider your market: Are you a B2C company (business to consumer) or B2B company (business to business)? Is your market local (like a neighborhood restaurant), national (such as selling payroll services), or international (such as selling unique clothing to multiple markets)?

The cost-effectiveness of radio compared to TV makes it a viable option for more localized campaigns.

9. Press releases

Press releases are valuable for announcing significant business updates. Ensure your release is:

Newsworthy: Focus on unique and timely information.
Well-structured: Include a strong headline, key details, and contact information.
Multimedia: Incorporate multimedia elements like images and videos to increase engagement.

10. Email marketing

Email marketing remains effective when executed correctly. Best practices include:

Segmenting: Personalize content based on customer preferences and behavior. Use data to segment your lists and target markets.
Offering engaging content: Provide valuable information, special offers, and updates.
Optimization: Use A/B testing to refine subject lines and content.
Using AI-driven tools: These can help automate and personalize email campaigns, improving engagement rates.

11. Direct mail marketing

Despite the digital age, direct mail still works for certain audiences. To optimize direct mail:

Use targeted lists: Use well-researched mailing lists to improve ROI.
Implement creative designs: Ensure your mail piece stands out and is easy to read.
Track mailings: Monitor responses and effectiveness.

More tips to enhance your marketing campaigns

Here are some additional tips to optimize your marketing campaigns:

Segment: Segment your target market to a specific audience. Segmentation can be done with respect to age, gender, income level, education, geography, purchase stage or brand loyalty, and more.
Business lists: Consider using high quality business lists such as Dun and Bradstreet, Experian Business, ZoomInfo or InfoUSA. These lists can be used in multiple channels as well, maximizing the value of the lists.
Track real time: Track your marketing campaigns in real-time to get immediate insights, make quick adjustments, and understand what is working or not.
Key metrics: Track the key metrics in your campaigns, such as click-through rate, engagement rate, conversion rate, sales, revenue, customer acquisition cost, market share, and churn rate.
Software and AI: Use software and artificial intelligence (AI) tools for social media management, content creation and testing of alternative ads.
Budget: Allocate your budget wisely. Assess the performance of different marketing channels and allocate your budget to the ones that deliver the highest ROI. Continuously review and adjust your spending to focus on the most effective strategies.
Keep current: Stay updated with trends. Keep up with the latest marketing trends and technologies. Experiment with new platforms, tools, or strategies to stay ahead of the competition and reach your audience in innovative ways. Keep up to date with experts by seeking articles from reputable business sources such as AllBusiness.com.
Promote across channels: Share earned media coverage on your website, social media platforms, and email newsletters. For instance, if a major publication writes about your product, feature this article prominently on your homepage or social media profiles.
Showcase social proof: Use earned media as a form of social proof by highlighting positive reviews, testimonials, or features from reputable sources. This can build credibility and trust with potential customers.
Strengthen relationships with media: Build and maintain good relationships with journalists and influencers. This can lead to more favorable coverage in the future and expand your media network.
Repurpose content: Convert mentions and reviews into additional content, such as blog posts, case studies, and infographics. For example, if your company was featured in a popular tech blog, you could create a detailed blog post about the experience and its impact.

Ready to enhance your small business marketing strategy?

Developing a comprehensive and modern small business marketing strategy requires leveraging a mix of traditional and digital techniques. By integrating artificial intelligence tools, optimizing SEO, utilizing effective SEM strategies, and harnessing the power of social media, you can create a dynamic and effective marketing approach. Start by experimenting with different strategies, tracking your results, and refining your approach based on performance data.